With increase in disposable income, consumers are spending more on health and beauty products. This has in turn driven the growth of the global market. The global cosmeceuticals market is expected to grow at a compound annual growth rate of 8.62% during the period from 2014 to 2019.
The cosmeceuticals market can be segmented into skin care, hair care, tooth whitening, injectable, lip care and others. The increase in per capita expenditure in developing countries is one of the key drivers in the market. Development of new and innovative ingredients such as peptides and plant stem cells is a major trend in the cosmeceuticals market. In recent years, developing countries in the Middle East have emerged as huge markets for such products. However, intense competition among vendors can be a limiting factor and a challenge to the growth of the global cosmeceuticals market.
A rise in demand from the developing countries would be a great shot in the arm for the market. Many working women and housewives are shifting from other skin care products to professional skin care products in these countries.